Located in the southern Chicago, Ill., USA, suburb of University Park, the 900,000-square-foot facility will employ more than 300 people and house expanded bar and tube processing equipment. It is expected to be operational by the middle of 2023, Ryerson said. 

"We have been creating and providing family wage jobs for a combined 293 years as Ryerson was founded in Chicago in 1842 and Central Steel & Wire was founded in Chicago in 1909. How many things do you know that have lasted that long?" asked Ryerson president and chief executive Eddie Lehner during a speech at the groundbreaking ceremony. 

"It speaks to the durability, resiliency, and potential that brings us all here today. Our mission, our passion, and our purpose is to provide great experiences for our customers, employees, shareholders, suppliers, and communities. Great experiences never go out of style, and we need them now more than ever."